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Advisor leaves Osaic following consolidation and moves to LPL Financial

On Behalf of | Feb 28, 2024 | Firm Transition

Veteran financial advisor Cubby Bice has decided to join LPL Financial’s broker-dealer, RIA, and custodial platforms, according to WealthManagement. 

Bice, who is leaving Osaic, reported serving approximately $130 million in advisory, brokerage and retirement plan assets through his firm Bice Wealth Management, based in Mooresville, North Carolina. He is joined in the move by Office Manager Matt Bice, his brother, and two office support members.

“I’ve always wanted to do something meaningful with my career, which is helping my clients choose how and when to spend their time and money,” Cubby Bice said. “In doing so, I want to help my clients check off their bucket list items and build an incredible memory book.”

He interviewed 12 firms before deciding on LPL, saying the firm offered more investment options, enhanced technology and the freedom to build his practice on his own terms.

Bice began his career in the financial industry with UBS PaineWebber in 1999 before joining Sagepoint Financial in 2005. SagePoint, along with the other brands of the former Advisor Group, became part of a consolidation last year under a parent company that was renamed Osaic.

Bice’s team is the second group to jump from Osaic to LPL in the past month following Equity Design Group, based in Wisconsin.  Bice said dissatisfaction with the direction being taken by Osaic was a contributing factor in his decision.

“The fact that they are private equity owned and trying to scale up as quickly as possible to go public by combining multiple broker/dealers to increase revenues and earnings, while also not taking care of advisor needs in regards to back-office support or technology is what made the situation untenable,” he told WealthManagement.  Equity Design Group also said the Osaic consolidation was one of the main reasons for their departure.

Bice said he is looking forward to the new opportunities presented by the transition to LPL.  “We have a true competitive advantage moving to LPL, a publicly traded Fortune 500 company that offers integrated best-in-class technology experiences and an upgrade in service,” he said. “We appreciate the autonomy we now have to operate as we see fit. We also look forward to improvements in how we communicate with clients and how they access their account information.”

“We welcome Cubby to the LPL community,” said Scott Posner, LPL’s executive vice president of business development. “We appreciate that he seeks new ways to provide differentiated experiences for his clients.”

If you are looking to move from one firm to another, planning to go open up or join an RIA, looking to sell your firm or grow through acquisition or bringing on new advisors, the attorneys at Lewitas Hyman have the experience to guide you through the process to protect your interests. Regardless of whether the transition involves protocol or non-protocol firms, we will properly advise you so that you can focus on your transition and we will work to limit the risks you face during this transitional period. For more information, contact Lewitas Hyman at (888) 655-6002or through our online contact form for a free consultation.